出品 | 妙投APP 作者 | 段明珠 编辑 | 关雪菁 头图 | AI生图 在当下的巴西，总统像是"二进制"的，不是走进总统府，就是走进监狱。 这，或许才是巴西资本市场最深层次的波动源。 但为何跟踪巴西IBOVESPA指数的ETF产品会在募集期间被资金火速抢空，申购资金达到目标的 7 倍？平均每户投入二三十万元，典型的"成熟资金"配 置规模，难道成熟投资者不知道其中的风险吗？ 看巴西ETF的走势，上市首日涨停开盘后一路下跌，并在一段缓慢修复后又暴跌"回到解放前"。对于巴西ETF，投资者在抢什么？又在担心什么？巴西 ETF本质上是商品期货替代吗？未来是否会出现"股债汇三杀，从而导致ETF暴跌"的风险？ 但为何之前境外ETF产品如沙特ETF、日经ETF等能如此吸金？最终，对普通投资者来说，在存款利率不断下行，大A震荡调整时，境外ETF产品是否 值得配置？ 投资者在抢什么？ 不久前，证监会主席吴清访问巴西里约热内卢，并与巴西证监会代理主席卢博交流；前后脚，两只巴西ETF上市且以涨停价开盘。 可惜的是，上市即巅峰。两只巴西ETF当日分时图典型"高开-回落-平收"，超高换手率说明短线打新资金多选择了"落袋为安"，而当 ...

消息面上，日本央行加息"靴子"落地。12月19日，日本央行9:0一致投票通过政策决议，宣布加息25个 基点至0.75%，利率水平创30年来新高，符合市场预期。这是日本央行2024年3月货币政策正常化以来 的第四次加息，而上次加息还要追溯到今年1月。 此次加息已被投资者提前充分定价，同时也反映出日本央行当前的举措尚未改变整体宽松的货币基调， 更多被视为"渐进式正常化"进程中的一环。· 有券商机构认为，日本良性通胀循环已较稳固，日本央行即将再次加息。去年夏季日本加息后的全球市 场动荡主要是由衰退预期升温和AI叙事动摇等美国因素造成，套息交易逆转只是加剧彼时避险情绪的 次要因素，去年的"黑色星期一"不太可能在今年重演。在美日央行政策分歧的背景下，美国因素才是当 前全球流动性与美元资产定价的核心主线。目前市场对AI叙事的质疑集中体现于业务模式较激进的少 数企业，而多数财务状况较稳健的AI龙头仍能维持市场信任，产业智能化热潮应能在中短期继续支持 美股龙头的业绩表现。长端美债在本轮风险管理式降息周期内的配置性价比不高，短端美债则可能受益 于准备金管理购买操作对流动性的技术性改善，后者较前者更好。 日经225指数今日收涨1 ...

Group 1 - The ETF market opened with mixed performance on December 5, with notable gains in certain ETFs and declines in others [1][2] - The Kexin New Materials ETF from Huatai-PineBridge (589180) increased by 5.02%, indicating strong investor interest [1][2] - Brazilian ETFs showed positive movement, with one ETF (159100) rising by 2.13% and another (520870) by 1.94% [1][2] Group 2 - In contrast, the Nikkei 225 ETFs experienced declines, with the EasyOne ETF (513000) down by 1.38%, and two other Nikkei ETFs (159866 and 513880) falling by 1.27% and 1.24% respectively [1][2]

Market Performance - The three major A-share indices opened higher and closed positively, with the Shanghai Composite Index returning above 3900 points, closing at 3914 points, up 0.65% [1] - The Shenzhen Component Index rose by 1.25%, and the ChiNext Index increased by 1.31% [1] - Total market turnover reached 1.89 trillion yuan, an increase of 291.7 billion yuan compared to the previous trading day, with nearly 3400 stocks rising [1] Sector Performance - AI mobile phones and smart wearable technology sectors were active [1] - The semiconductor industry chain saw a midday surge, with photolithography machines and MCU chips leading the gains [1] - Stocks related to 6G, satellite navigation, commercial aerospace, servers, and memory concepts showed significant increases [1] - E-commerce and lithium battery concept stocks performed poorly [1] ETF Performance - The metals sector experienced a broad rally, with Ping An Fund's gold stock ETF and Wan Jia Fund's industrial metals ETF rising by 4.09% and 3.99%, respectively [1] - The satellite internet sector also rose, with the Southern and Huatai Baichuan Fund's IoT ETFs increasing by 3.69% and 3.36% [1] - The communication equipment ETF from Fortune Fund rose by 3.48% [1] - The soybean meal ETF fell by 2.52%, and the S&P biotechnology ETF decreased by 2.3% [1] International Market - Japanese stocks declined, with the Nikkei 225 ETF from E Fund and Nikkei ETF falling by 1.78% and 1.61%, respectively [1]

证券之星消息，11月20日，日经ETF（513520）融资买入2876.4万元，融资偿还2760.87万元，融资净买 入115.53万元，融资余额8274.35万元，近3个交易日已连续净买入累计1177.47万元，近20个交易日中有 13个交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-11-20 | 115.53万 | 8274.35万 | | | 2025-11-19 | 389.06万 | 8158.82万 | | | 2025-11-18 | 672.88万 | 7769.76万 | | | 2025-11-17 | 357.49万 | 7096.88万 | | | 2025-11-14 | -107.25万 | 6739.40万 | | 小知识 融资融券：融资融券交易又称"证券信用交易"或保证金交易，是指投资者向具有融资融券业务资格的证 券公司提供担保物，借入资金买入证券（融资交易）或借入证券并卖出（融券交易）的行为。包括券商 对投资者的融资、融券和金融机构对券商的融资、融券。 以上 ...

Market Performance - The Shanghai Composite Index rose by 0.38% while the ChiNext Index fell by 0.52% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.117 trillion yuan, an increase of 1.2 billion yuan compared to the previous day [1] Sector Performance - Lithium mining stocks showed repeated activity, with real estate, banking, and brokerage sectors leading in gains [1] - China Bank and Industrial and Commercial Bank of China reached historical highs [1] - The semiconductor sector experienced a decline, with semiconductor equipment ETFs falling by 1.83% and 1.79% respectively [1] ETF Performance - In the U.S. market, all three major indices closed higher, with Huaxia Fund's Nasdaq ETF, China Merchants Fund's Nasdaq 100 ETF, and Guotai Fund's Nasdaq ETF rising by 3.57%, 3.38%, and 3.27% respectively [1] - The real estate sector was active, with Guotai Fund's building materials ETF and Huabao Fund's real estate ETF increasing by 2.17% and 2.12% respectively [1] - The Nikkei 225 index rose by 3%, with ICBC Credit Suisse Fund's Nikkei ETF and Nikkei 225 ETF from E Fund increasing by 2.16% and 2.12% respectively [1] Other Notable Trends - The innovative energy sector continued to decline, with the innovative energy ETF dropping by 2.18% [1]

Group 1: Market Performance - Xpeng Motors' stock surged nearly 18%, leading to a strong performance in the Hong Kong automotive sector [1][2] - The overall market saw significant inflows into various ETFs, particularly in the automotive and gold sectors, with multiple ETFs tracking these sectors showing notable gains [1][2][5] Group 2: ETF Highlights - Several automotive ETFs outperformed the market, with multiple products tracking the Hong Kong automotive sector leading the gains [2][3] - Gold-themed ETFs continued to show strength, with many commodity gold ETFs rising over 1.4% [4][5] Group 3: Fund Inflows - Since October, sectors such as gold, Hang Seng technology, banking, and securities have attracted significant capital, with several ETFs seeing net inflows exceeding 50 billion [1][7] - The Huatai-PineBridge Dividend Low Volatility ETF attracted 4.166 billion in net inflows since October, indicating strong interest in dividend-focused investments [7][8] Group 4: Market Trends - The current market environment is characterized by structural trends, with a focus on dividend assets as institutional demand for high-dividend, low-valuation equities increases [9] - Analysts suggest that the market may experience rapid rotation among themes, with potential opportunities in sectors like electric grid equipment, lithium batteries, and chemicals [9]

New Stock Issuance - The stock code 300277 (海联讯) has a subscription period for acquisition rights from November 12 to November 18, 2025[1] - Stock code 603388 (*ST元成) reported severe abnormal fluctuations[1] - Stock code 002478 (常宝股份) announced a significant event with a value of 23[1] Trading Alerts - Stock code 601061 (中信金属) has a trading alert issued on November 8, 2025[1] - Stock code 600078 (澄星股份) has a trading alert issued on November 8, 2025[1] - Stock code 601179 (中国西电) has a trading alert issued on November 8, 2025[1] Abnormal Fluctuations - Stock code 000892 (欢瑞世纪) reported abnormal fluctuations on November 4, 2025[1] - Stock code 603876 (鼎胜新材) reported abnormal fluctuations on November 4, 2025[1] - Stock code 603595 (ST东尼) reported abnormal fluctuations on November 5, 2025[1]

Group 1: ETF Performance - The top-performing ETFs include the Photovoltaic ETF Leader (560980) with a gain of 5.59%, followed by the Grid Equipment ETF (159326) at 5.31% and the Innovation New Energy ETF (588830) at 5.18% [1] - Other notable gainers are the E Fund Photovoltaic ETF (562970) at 5.11% and the Photovoltaic ETF Fund (516180) at 4.99% [1] Group 2: Photovoltaic Sector Insights - The improvement in Q3 profitability for the photovoltaic sector is driven by two main factors: stabilization of the photovoltaic industry chain prices and a reduction in inventory impairment losses [2] - The overall gross margin level has increased, particularly in the silicon material segment, indicating a positive trend in profitability [2] - Future demand in the photovoltaic market remains under pressure, especially with the implementation of Document No. 136, which may affect pricing and profitability levels [2] Group 3: ETF Declines - The worst-performing ETFs include the Asia-Pacific Select ETF (159687) with a decline of 3.56%, followed by the Sino-Korean Semiconductor ETF (213310) at 3.13% [3] - Other notable declines are seen in the Dividend Low Volatility ETF (260890) at 2.94% and the Nikkei 225 ETF (213880) at 2.43% [3] Group 4: ETF Trading Activity - The Short-term Bond ETF (511360) recorded the highest trading volume at 29.218 billion yuan, followed by the Yinhua Daily ETF (511880) at 15.899 billion yuan [4] - The turnover rate for the Government Bond ETF (511580) was the highest at 341%, indicating significant trading activity [4] Group 5: New ETF Offerings - The E Fund A500 Dividend Low Volatility ETF (563510) will begin fundraising, tracking the CSI A500 Dividend Low Volatility Index [5] - The Hong Kong Stock Connect Technology ETF (159125) will be listed, focusing on major technology companies like Alibaba and Tencent, appealing to investors optimistic about the long-term growth of the Hong Kong tech sector [5]

Market Overview - The Asia-Pacific stock markets experienced a collective decline, with the South Korean Composite Index dropping over 5% after a significant rise of more than 70% earlier in the year, triggering a trading halt for 5 minutes due to the KOSPI index's futures decline [1] - The Nikkei 225 index fell by over 3% [1] ETF Performance - The Asia-Pacific Select ETF decreased by over 4%, while the China-Korea Semiconductor ETF, Nikkei 225 ETF, and Nikkei ETF all fell by more than 3% [2] - In October, the Nikkei index surged from the 40,000 yen range to the 50,000 yen range, achieving a monthly increase of 16.6%, the largest in 30 years [2] - The KOSPI index saw a cumulative increase of 20% in October [2] Sector Analysis - Year-to-date, the China-Korea Semiconductor ETF has risen over 80%, while the Nikkei 225 ETF and Nikkei ETF have increased by over 30%, and the Asia-Pacific Select ETF has grown by over 25% [3] - The China-Korea Semiconductor ETF tracks a cross-border index combining the CSI Semiconductor 15 Index and KRX Semiconductor 15 Index [3] - The Nikkei ETF tracks the Nikkei 225 index, which includes 225 major blue-chip companies, serving as a key indicator of Japan's economic and industrial health [3] - The Asia-Pacific Select ETF follows the FTSE Asia Pacific Low Carbon Select Index, diversifying market risk across 11 Asia-Pacific economies [3] Corporate Earnings Outlook - Several large Japanese companies have raised their earnings forecasts for the fiscal year ending March 2026, driven by increased demand for artificial intelligence, benefiting power and semiconductor-related firms [3] Market Sentiment - Concerns have been raised by Wall Street executives regarding the current valuation levels of U.S. stocks, with predictions of a potential 10% to 20% correction in the next 12 to 24 months [4] - The divergence in signals from Federal Reserve officials regarding future interest rate cuts has dampened market sentiment [4] Currency and Stock Predictions - According to Everbright Securities, the Japanese yen is expected to have an upward trend due to the normalization of the Bank of Japan's monetary policy and the ongoing rate cut cycle of the Federal Reserve [5] - The Nikkei 225 index has risen by 31.4% year-to-date, with half of this increase attributed to policy expectations [5] - Future market performance will depend on the effectiveness of policy implementation and external demand factors [5]